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The following payroll information is available. Employee worked 40 hours at a rate of S20 an hour Social Security tax rate is 6% on the
The following payroll information is available. Employee worked 40 hours at a rate of S20 an hour Social Security tax rate is 6% on the first $137,700 of wages Medicare care tax rate is 1.5% Federal income taxes of $120 should be withheld State unemployment tax rate is 3% Federal unemployment tax is.8% Unemployment taxes are paid on $7,000 of each employee's wages The employee has earned $5,000 so far this year, therefore, all taxes should be calculated on the employee's earnings for this pay period, What is the amount of the payroll tax expense? 125.00 6.562,00 590.40 d66.50
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